Economic growth is one of the macroeconomic objectives of the Essay

Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth - move ExampleIt also fails to consider the externalities that may be negative like those caused by pollution as well as depletion of resources. (tradingeconomics.com, 2011)Globally, the process by which the wealthiness of a nation is determined or poverty is a complex task since there lies a predicament while trying to obtain harmonious type of data. Different nations may be having different data types and thus, comparison in performance fails to be objective at the end.gross domestic product as mentioned preferably is the method that is mostly used in the world to measure a countrys growth and Australia has followed this method as utilized by unify Nations. This GDP method does not consider the incomes that come from corporations and individuals. This is especially if these incomes come from foreign sources and this approach further shows the weakness of measuring the growth of a nation.The secondary method, (just to mention), that was usually used to measure an economys growth and that was applied universally in the world was GNI. The difference arises where GNI considers income from outside the country while GDP does not. (Kendall, 2010